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Ascendas-Singbridge Group, via its subsidiary Ascendas Asset Management Co. Ltd, launched its fifth office fund in South Korea on 28 September 2017.
Known as the Ascendas Korea Office Qualified Private Real Estate Investment Trust No. 5 (AKOPREIT5), the fund is a 10-year closed private fund with an equity of $39.6 million. It currently holds ICON Yeoksam, a mid-sized office building located within the Gangnam Business District (GBD) of Seoul.
Acquired on 20 November 2017 for S$124.3 million, the 15-storey building has a gross floor area of 19,578 sq m.
“With the support of our investors, we are pleased to have successfully acquired ICON Yeoksam, which has good connectivity and high visibility in the core GBD area. In view of its strategic location, the mid-sized building has already attracted the attention of numerous blue-chip companies seeking to set up their offices there,” said William Tay, CEO of Korea Operations at Ascendas-Singbridge.
“Backed by its rapidly growing economy, South Korea continues to hold huge potential for investment and fund management business. We have established a foothold in South Korea since 2002 and are committed to offer best-in-class assets that create value and optimise returns for our stakeholders and investors.”
The acquisition of ICON Yeoksam brings Ascendas-Singbridge Group’s assets under management in South Korea to KRW0.7 trillion (S$0.8 billion), while its total lettable area in the country jumped by 20 percent to 1.3 million sq ft from 1.1 million sq ft.
(Photo: Ascendas-Singbridge)
This article was edited by Keshia Faculin.
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